---
type: source
title: "P2P.me Website: USDC-to-Fiat On-Ramp Business Model, VC-Backed, Pre-ICO"
author: "P2P.me Team"
url: https://p2p.me
date: 2026-03-20
domain: internet-finance
secondary_domains: []
format: website
status: processed
processed_by: rio
processed_date: 2026-04-04
priority: high
tags: [p2p-ico, metadao, stablecoin, on-ramp, india, brazil, indonesia, vc-backed, community-ownership, quality-filter]
extraction_model: "anthropic/claude-sonnet-4.5"
---

## Content

**Business:** P2P.me is a peer-to-peer USDC-to-fiat conversion platform. Users buy/sell USDC across multiple chains using local fiat currency.

**Payment rails supported:**
- UPI (India)
- PIX (Brazil)
- QRIS (Indonesia)

**Key metrics (from website):**
- 1,000+ Liquidity Providers globally
- Fraud rate: less than 1 in 25,000 on/off-ramps
- Commission: Liquidity providers earn 2% on every swap

**Geographic focus:**
- India (78% of users per Pine Analytics — 18,071 of 23,000 registered)
- Brazil
- Indonesia

**Previous funding:**
- $2M raised from Multicoin Capital and Coinbase Ventures (prior round, not the ICO)

**ICO details (from website — limited):**
- "$P2P TGE" referenced, registration available
- P2P Foundation involved
- ICO planned for March 26, 2026 on MetaDAO
- Target raise: ~$15.5M FDV (per Pine Analytics)
- Token supply: 25.8M tokens at $0.60 ICO price
- 50% liquid at TGE (10M ICO + 2.9M liquidity seeding)

**Pine Analytics assessment (from separate source):**
- $82K annual gross profit → 182x multiple
- 2,000-2,500 weekly actives (from 23,000 registered base)
- Growth plateau since mid-2025
- Verdict: "strong fundamentals, valuation stretched"

## Agent Notes
**Why this matters:** P2P.me's March 26 ICO is the most time-sensitive live test of MetaDAO's quality filter. Several factors make this case particularly informative:

1. **VC-backed going community**: Multicoin + Coinbase Ventures backed P2P.me. When VC-backed projects use MetaDAO's futarchy to raise community capital at 182x gross profit multiples, the question is whether futarchy appropriately prices the valuation risk or whether the VC imprimatur ("Multicoin backed!") overrides market skepticism.

2. **Genuine product, stretched valuation**: P2P.me has a real product with real traction (India UPI on-ramp, 1000+ LPs, <1/25,000 fraud rate). The problem is not the product — it's the price at the stage of development. This is a useful test because "good product, wrong price" should be filterable by a functioning market.

3. **50% liquid at TGE**: Same structural risk as FairScale. If the market priced in this risk for FairScale (eventual liquidation) but not for P2P.me (VC imprimatur + compelling narrative), that reveals motivated reasoning overriding structural analysis.

**What surprised me:** The $2M VC raise from Multicoin and Coinbase Ventures is not highlighted prominently on the P2P.me website. For a community ICO, previous VC backing typically signals either (a) VCs are getting liquidity, or (b) VCs believe in further growth. The MetaDAO community needs to assess which dynamic is at play.

**What I expected but didn't find:** Team vesting terms, existing VC allocation at the ICO, or any disclosure of what the previous $2M buys in equity vs token allocation. This is a material gap for evaluating the ICO.

**KB connections:**
- MetaDAO empirical results show smaller participants gaining influence through futarchy — if P2P.me passes at 182x gross profit multiple, that challenges whether MetaDAO's futarchy correctly prices early-stage companies
- futarchy is manipulation-resistant because attack attempts create profitable opportunities for arbitrageurs — who are the "defenders" when the ICO is VC-backed and the seller is the team + existing VCs? The dynamic may be inverted from the canonical case.

**Extraction hints:**
- Live test result (after March 26): If P2P.me passes, record as evidence that VC imprimatur + growth narrative overrides valuation discipline. If it fails/gets rejected, record as evidence quality filtering is improving post-FairScale.
- Do NOT extract until March 26 outcome is known — the extraction value is highest when combined with the result.

**Context:** P2P.me addresses the India crypto payment gap — genuine problem (bank freezes for USDC transactions are a known friction for crypto adoption in India). The product is solving a real problem. The question is whether $15.5M FDV is the right price for where they are.

## Curator Notes (structured handoff for extractor)
PRIMARY CONNECTION: MetaDAO empirical results show smaller participants gaining influence through futarchy
WHY ARCHIVED: P2P.me (March 26 ICO) is the live test of MetaDAO's quality filter — VC-backed project at 182x gross profit multiple with 50% liquid at TGE. Wait for March 26 result before extracting; the outcome is the data point.
EXTRACTION HINT: Pair this source with the Pine P2P analysis (2026-03-19-pineanalytics-p2p-metadao-ico-analysis.md) and the March 26 result to assess whether futarchy corrects or endorses the valuation stretch
